The typical listing now goes pending in ___ days. (hint: it was just 18 days last spring)
Reduced buying activity has left more homes sitting on the market, which means less competition for homebuyers! A recent report from Redfin showed that the average active listing goes pending after 44 days --up from 18 days just last spring!
Here are more positive recent stats from Redfin:
• 30-year mortgage rates declined last week from the prior week, averaging 6.33%.
• Active listings are up 20.7% from a year earlier --the biggest annual increase since 2015.
• Sold homes were on the market for an average of 44 days, the most prolonged time period since April 2020. That’s an increase of two weeks from 31 days this time last year and the record low of 18 days set in May 2022.
• Only about 22% of homes sold above their final list price. It was 40% last year.